June 6, 2020
Mistakes an Entrepreneur Makes
Once in those passionate days of school and college, everyone thinks of becoming an entrepreneur. Most people leave this dream because of funds or lack of family support or fear to take risks and related reasons. Most of the people who even work for this dream, they fail and eventually they give up on this dream. For becoming a successful entrepreneur, there are certain dos and don’ts. We have listed below certain don’ts or we can say mistakes that one must avoid if one wants to be a fortunate, prosperous, and wealthy entrepreneur.
Assuming Success to be an Overnight Phenomenon
Often entrepreneurs feel that their ideas or the services/products offered by them are the most preferred or superior commodity in the market. Most people have one more perception that they feel their goals will be achieved in a short span of time which is absolutely absurd and depicts the irrational and impractical approach of an entrepreneur.
Analysis of product and market is often overlooked by entrepreneurs. An entrepreneur must not be overconfident and always self-test its product before getting it launched.
Focusing on Product rather than Customers
The biggest blunder an entrepreneur can make is focusing on the products rather than the client/customer. A good product will not be automatically valued without considering any other aspect especially the consumers’ expectations. Look around and think of the best automobile in the world and the most selling automobile in the world. Yes, the entrepreneur should be confident about their product but their first priority should be the people who will buy that product.
For instance, in India, the global giant VOLKSWAGEN struggles to sell their cars because of their poor after-sale services and poor customer feedback. Yes, Volkswagen is one of the best automobile manufacturers in the world with modern technology and mind-blowing features but it still is not able to make a prominent space in the automobile sector in India.
Being Boss instead of a Supportive Leader
Often an entrepreneur forgets the importance of teamwork and feels that they can perform all the duties of an organization on their own. Being amazing, successful alone without involving others in their team, lead an entrepreneur to stressful and inefficient situations. Entrepreneurs should understand the entire universe is built on duality and a person who is alone can go fast but not far. When an entrepreneur takes up all the duties; they bottleneck the business and become the barrier to its growth. The entrepreneur must learn the art of delegating so that work is done in a better way.
Afraid of Change
Humans are resistant to changes, maybe it is a human tendency. Similarly, entrepreneurs are no other but humans. So, when an Entrepreneur sets up their organization or business, they initiate it with keeping in mind the current and near-future scenario prevailing in their market and once their business commences on a smooth track, they hesitate to take the risk of changing their smooth flowing business. Change is the only constant and upgrading is the only way to sustain a well-established business.
An entrepreneur should be proactive in his approach and should always embrace the changes so as to be more successful.
Not Considering Work Environment Essential
The entrepreneur’s business or work environment includes partners, investors, and employees/subordinates. The work environment is like salt, its presence is not appreciated but without it, there is always a lack in the outcome. A highly co-operative and positive work environment is a motivating and efficient booster for a company. When partners/investors/employees discuss positively a product or brainstorm for new tactics and strategies, it uplifts the organization’s worth automatically. An entrepreneur should always choose their business partners, investors, and employees with care.
Over-promising or Under-delivering
Entrepreneurs in lieu of new opportunity make unrealistic promises. These promises lead to creating a stressful environment for the entrepreneurs themselves and also affect the flow of business. Over- promising often leads to outcomes which when compared to the promises seem to be less, thus leading to a situation where they either burden the organization or to a situation where they under-deliver. Entrepreneurs should never be over-confident, hyper, blinded by something exciting. An entrepreneur should know how to draft a plan and how to direct their teams instead of doing everything on their own. Patience, humility, hunger for change, and adaptability are a must for and Entrepreneur.